The composition of a residential community is generally understood to encompass various forms of housing tenure. While often associated with owner-occupied dwellings, the inclusion of leased properties is a frequent characteristic. Rental units, such as apartments, townhouses, and single-family homes offered for lease, contribute to the diversity and accessibility of housing options within a defined geographic area or planned development. Their presence helps to meet the housing needs of a wider range of individuals and families, including those who may not be ready or able to purchase a home.
The presence of rental properties within a residential community offers several benefits. It provides housing options for individuals with varying financial circumstances, including those with lower incomes, those saving for a down payment, or those who prefer the flexibility of renting. Furthermore, rental units can contribute to the economic stability of a community by providing a steady stream of rental income for property owners and generating property tax revenue for local governments. Historically, rental housing has served as a critical component of urban and suburban development, facilitating population growth and economic opportunity.
